U.S. Consumer Credit Delinquencies Near 6-Year Low, Bankers Say

U.S. consumer-loan delinquencies dropped to their lowest level in nearly six years during the second quarter of 2012 as households prioritized debt service over spending increases, the American Bankers Association said.

Delinquencies across eight loan categories fell a total of 11 basis points to 2.24 percent of all accounts in the second quarter, the best showing since the fourth quarter of 2006, when the rate was 2.23 percent. The rate has now been below the 15-year average of 2.40 percent for two consecutive quarters, the ABA said in its Consumer Credit Delinquency Bulletin.